Search found 11 matches
- Sun Apr 02, 2023 2:40 am
- Forum: Canada / United States Tax & Accounting
- Topic: deemed disposition
- Replies: 3
- Views: 975
deemed disposition
Hi, as to the deemed disposition, can I add deemed realtor and lawyer's fee on top of the fair market value in calculating the deemed capital gain/loss? Thanks!
- Sun Apr 02, 2023 2:37 am
- Forum: Canada / United States Tax & Accounting
- Topic: rental property capital loss but with CCA recapture
- Replies: 1
- Views: 767
rental property capital loss but with CCA recapture
Hi, I used to be a non-resident and became a resident last year. Have a rental property switched to principal residence. It will be a deemed disposition. The land value decreased, but the building value increased a lot per the provincial assessment. If using the initial building/property ratio, the ...
- Mon Feb 28, 2022 8:46 am
- Forum: Canada / United States Tax & Accounting
- Topic: Factual resident vs deemed non-resident
- Replies: 3
- Views: 1197
Re: Factual resident vs deemed non-resident
File Section 216 for deemed non-resident rental income.
- Sun Jul 04, 2021 10:01 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Principal residence status if moving back to Canada
- Replies: 4
- Views: 1682
Re: Principal residence status if moving back to Canada
Good to know this. Thank you so much.
- Sat Jul 03, 2021 3:47 am
- Forum: Canada / United States Tax & Accounting
- Topic: Principal residence status if moving back to Canada
- Replies: 4
- Views: 1682
Re: Principal residence status if moving back to Canada
I claimed CCA in rental and I am preparing to pay the capital gains tax. It is fair and I have no problem with it. If the property is neither an investment property nor a principal residence after half of the family moved in, I am just curious to know what status of this property when we eventually ...
- Thu Jul 01, 2021 12:52 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Principal residence status if moving back to Canada
- Replies: 4
- Views: 1682
Principal residence status if moving back to Canada
I have been thinking hard about moving back to Canada next year. Today I have another question coming into my mind. If we all move back as a family, obviously the rental property will be our principal residence. But the situation is a little bit unusual. Due to the employment contract issues, the sp...
- Wed Jun 30, 2021 6:29 am
- Forum: Canada / United States Tax & Accounting
- Topic: Capital gain tax on deemed disposition returning to Canada
- Replies: 4
- Views: 1927
Re: Capital gain tax on deemed disposition returning to Canada
Thank you for your explanation. I claimed CCA, so I think I can't defer the capital gain tax.
- Fri Jun 25, 2021 6:54 am
- Forum: Canada / United States Tax & Accounting
- Topic: Capital gain tax on deemed disposition returning to Canada
- Replies: 4
- Views: 1927
Re: Capital gain tax on deemed disposition returning to Canada
You are right Section 45(3) could be filed when actual selling the property. As to the mortgage, just save hard and have a big down payment, the Canadian bank will need 3 years notice of assessment from your local tax authority before approving the mortgage.
- Fri Jun 25, 2021 2:29 am
- Forum: Business & Personal Immigration to Canada
- Topic: Capital gain tax on deemed disposition returning to Canada
- Replies: 1
- Views: 9329
Re: Capital gain tax on deemed disposition returning to Canada
Sorry, I posted to the wrong place and have re-posted to the tax forum.
- Fri Jun 25, 2021 2:28 am
- Forum: Canada / United States Tax & Accounting
- Topic: Capital gain tax on deemed disposition returning to Canada
- Replies: 4
- Views: 1927
Capital gain tax on deemed disposition returning to Canada
I am a Canadian non-resident working overseas, bought an investment property during this period. Now I am planning to return to Canada and will change the rental property to Principle residence. There is some price appreciation. I understand there will be a deemed disposition and re-acquisition of t...
- Fri Jun 25, 2021 2:11 am
- Forum: Business & Personal Immigration to Canada
- Topic: Capital gain tax on deemed disposition returning to Canada
- Replies: 1
- Views: 9329
Capital gain tax on deemed disposition returning to Canada
I am a Canadian non-resident working overseas, bought an investment property during this period. Now I am planning to return to Canada and will change the rental property to Principle residence. There is some price appreciation. I understand there will be a deemed disposition and re-acquisition of t...